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ITAT Upholds CIT(A)’s Deletion of Rs. 318.40 Lakh Disallowance u/s 40A(3) for Land Cash Payment as Business Expediency [Read Order]

Sneha Sukumaran Mullakkal

The Chandigarh Bench of Income Tax Appellate Tribunal ( ITAT )upheld the Commissioner of Income Tax (Appeals)[CIT(A)]’s deletion of a Rs. 318.40...

Lack of Conclusive Evidence: ITAT quashes Revision Order u/s 263 alleging Cash Payment [Read Order]

Failure to Explain Genuineness of Cash Payment for Purchase of Property by Firm: ITAT uphold Income...

Cash Payment of Defaulted EMI Instalment to Financier after Cheque Bounce is “Reasonable Cause”:...

Addition towards Cash Payment u/s 40 A(3) will not sustain without Incriminating Material: ITAT...

Section 131 of the Income Tax Act can invoke only with Corroborative Evidence: ITAT sets aside Order of Commissioner [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench consisting of Shri S S Viswanethra Ravi, Judicial Member and Inturi Rama Rao has held that Section 131 of the Income Tax Act can invoke only with...

1% Cash Payment under Rule 86B of GST liability to affect only 0.5% Taxpayers, says CBIC

The Central Board of Indirect Taxes and Customs (CBIC) while clearing the misconceptions, in a series of tweets, has said the rule will be applicable to only 0.5% of the total taxpayers base of 1.2...

ITAT deletes Addition for Cash Payment as Capitation Fee for MBBS Admission [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition made in respect of cash payment made by the assessee as capitation fee / donation for obtaining admission in the...

Rent paid in Cash can’t be allowed as Business Expenses without Details: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that in order to get the deduction for rent paid in cash as business expenditure under the Income Tax Act, the assessee needs to produce...

Cash Payments exceeding Rs. 10,000 made by Trusts and Institutions subject to TDS : FM

In order to control the cash economy and increase TDS compliance, the Union Finance and Corporate Affairs Minister Shri Arun Jaitley proposed to impose restriction on entities incurring expenditure in...

Another setback for Priyanka Chopra: ITAT confirms Addition in respect of Cash payment made for property at Bandra [Read Order]

In another ruling against actress Priyanka Chopra, the Mumbai bench of Income Tax Appellate Tribunal (ITAT) held that the actress is liable to pay tax for the purchase of property in respect of cash...

Priyanka Chopra admitted Cash Payment of Rs. 50 lakhs for Purchase of a Studio: ITAT Confirms Additions [Read Order]

While hearing the case of actress Priyanka Chopra Mumbai bench of Income Tax Appellate Tribunal (ITAT) confirmed the addition of cash payment of Rs. 50 Lakhs for the purchase of a studio since the...